. 7 2 ) million or (2 0 2 % ) as the following reasons: • Total income increased Baht 92.32 million or 6% from Baht 1,580.25 million in 2017 to Baht 1,672.58 million in 2 0 1 8 . The main increase was

11.92 million baht increased or 5.60 percent when compared to same period of previous year of 212.89 million baht as main cause is reorganization and management which includes cost reduction on

of the Company. For the capital management, the main objective of the Company’s capital management is to adopt an appropriate capital structure for supporting business operations of the Company and

, respectively, due to increased revenue from the sales strategy adjustment of the WICE company Logistics (Hong Kong) Limited. Increased revenue from air cargo management, which is considered the main revenue of

Total Logistics Co., Ltd., which has services to manage land transportation across the border. Is the main income 4. Revenue from logistics management services for the three-month period ended 30 June

, respectively. The main reason was from loan to related parties in AUD currency. As AUD currency depreciated in relative to USD currency, the asset value in AUD currency decreased. Management Discussion and

. The main reason was the decrease in revenue from finance lease contracts in the amount of Baht 89.84 million, in accordance with the Effective Interest Method. Management Discussion and Analysis For the

from Baht 157.66 million in the previous year. The main reason was the appreciation of AUD currency in relative to USD currency, resulting in the increase of net asset value in AUD currency. Management

services in year 2018 of THB 5,881.33 million (excluding fuel costs of THB 30,302.81 million). The main reasons were as follows: Management Discussion and Analysis For the Year Ended December 31, 2019 Page 7

revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping malls with the net leasable area (NLA) of approximately